As generations get older a new one takes its place in the workforce and casual social living. However, as each new generation takes hold old problems resurface and these recipients must rediscover tried and true rules of the trade and how to manage their money. For those young and starting out their lives we feel it necessary to recap some of the four golden rules that they should know.

Don’t count on your degree. Way too many parents try to instill in their children that getting a degree is the utmost important thing to become successful and for the most part that is true, as determined by statistics showing graduates have a lower chance of unemployment than high school diploma recipients. However, never assume that just by having a university (or college) degree that it is an automatic invitation for employment. Times are tough; especially during national recessions. Having a degree during such downturns tend to not matter. It is always stressful looking for a job and so studying for a degree in a field that you genuinely enjoy is critical. Doing so will make the foot work all the more easier.

Control your credit. Credit card companies love to hand out credit to anyone who wants it. They camp out on college campuses eagerly signing up all too willing students who have a taste for plastic. Unfortunately, too many Canadians fall deep in debt which can potentially destroy their dreams. Learn to manage how to use credit. If managed correctly you can take advantage of interest-free credit (under credit card grace periods) allowing these card companies to pay for your better living, not theirs.

A Home is a residence not an investment. Most young people will be buying their first home. With generous offerings by the government like the Home Buyer’s Plan and credits it’s no surprise people like to own their own home instead of renting. People who own a home think that it is not only a place of residence but a long-term investment. However, on average most people only live in these houses for 5-7 years which is inadequate to appreciate in value to warrant any real quality returns. And with the ongoing housing crisis it is never a good idea to assume just owning a home will be a good investment. Try to look for houses with low interest rates and discounted prices, and most importantly, buy a home not as an investment but as a place to live in for most of your life.

Look to invest early and often. Young people like to spend their earnings on parties, booze, and anything else they can get their hands on. It is only later (and in most cases, too late) in life that they begin to realize they should invest and save for their retirement. Investing early and often is something of a rarity for people. Nothing is risk-free but learning to invest early through a well-balanced portfolio will help weather the ups and downs as time passes. To have a healthy nest egg for your retirement it is important that one be laid early enough.

Advice is just that: advice. Until one can take this advice and puts it into action it will not mean much. If you earnestly take these rules and apply them to your life you will be happier and wiser for years to come.